McLeod Russel signs MoU for Rs 331-cr sale of 8 Assam tea estates

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Kolkata | June 6, 2018 3:56 AM

In a stock exchange filing, the company said in the last fiscal, these tea estates in Assam had registered a revenue of Rs 192.76 crore, which was over 12% of the company’s turnover.

McLeod Russel, MoU, MK Shah Exports, tea estates sale, assamMcLeod Russel, the world’s largest tea producer, on Tuesday entered into an MoU with Kolkata-based MK Shah Exports for proposed sale of as many as eight tea estates in Assam for a consideration of Rs 331 crore. (Reuters)

McLeod Russel, the world’s largest tea producer, on Tuesday entered into an MoU with Kolkata-based MK Shah Exports for proposed sale of as many as eight tea estates in Assam for a consideration of Rs 331 crore. The Williamson Magor group-controlled tea major had last month received the board’s approval to dispose of these tea estates.

In a stock exchange filing, the company said in the last fiscal, these tea estates in Assam had registered a revenue of Rs 192.76 crore, which was over 12% of the company’s turnover. The proposed sale is subject to necessary approvals and due diligence by MK Shah Exports, which is engaged in production, sale and
export of tea.

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